Over 65? Retirement, pension and inheritance planning picks
By Holly Mackay, Founder & CEO
6 Dec, 2023
If you're over 65, the biggest financial decisions you'll make are likely to involve your pension, retirement income, and estate and inheritance planning. Whether you're deciding between pension drawdown and an annuity, looking for financial advice, planning to reduce inheritance tax or helping your children and grandchildren financially, choosing the right provider can make a significant difference. Good money management underpins them all.
I've pulled out three common financial priorities and some providers which I think will be able to help those with an interest in them. These picks are designed for people over 65 who want clear inheritance planning, pension choices, and straightforward money management.
The average man aged 65+ has £258,389 in savings and investments – this includes their cash savings, ISAs, and any pensions. The average woman of the same age has just £149,982.
I’ve pulled out three common financial priorities and some providers which I think will be able to help those with an interest in them.
The providers below are listed in alphabetical order.
Top money management picks for Retirees 65+
What is the best way to reduce inheritance tax after 65?
For a single fee of £900 (incl. VAT) this service will help you to calculate your total Inheritance Tax liability, understand how to minimise it and make a plan to manage this so your family doesn’t get landed with a hefty tax bill when you’re no longer around.
What is the best provider for retirement planning?
This is a relatively new, low-cost advice solution for people who want some help navigating their retirement. Aimed at anyone with more than £30,000, it will help protect you from running out of money, provide some answers to key questions around what you can afford and pull together a plan to help you make the most of your financial retirement. If you have £100,000 in savings, expect to pay about £1,040 a year for the service.
What's the best provider for saving for children and grandchildren?
If you’re setting up a plan for the grandchildren, then it’s worth noting that the giant Hargreaves Lansdown charges no fees for Junior ISAs. This company remains one of the best investment providers, but they can be relatively expensive in other areas. With a Junior ISA you combine great service with zero cost. What’s not to like?
If your priority is to help a child who is still under 40 to get on the property ladder then you might want to help them set up a Lifetime ISA. If they don’t know that much about investing yet, then AJ Bell’s ‘Dodl’ is an easy, app-based Lifetime ISA option which is low-cost and pretty straightforward to use.
How to invest after retirement
Are you retired but still investing? Not sure if you need to switch up your strategy? Check out our guide to investing during retirement for a breakdown of five simple steps to help your money grow in a safe and sensible way.
